If you and your spouse argue about money, learn how to sit down and talk about money together. If that doesn’t work, consider having separate finances. It might be the best way to keep your relationship intact. Normally, I recommend that couples keep their finances together. It’s easier to track spending and savings. It’s also […]
Roth Recharacterization – FAQs
A Roth recharacterization is a “do-over.” It’s undoing a Roth conversion. If you do a Roth recharacterization, you have until October 15 of the year after you convert to a Roth to undo it. (Read “IRA Restrictions.”) So if you converted to a Roth in 2010, you have until October 15, 2011, to undo it. […]
“Save My Business” – 5 DIY Business Saving Steps
“Is it possible to save my business?” That was the question Jane sent me a few weeks back. She’s the proud owner of a small catering business. The business had done well for more than 10 years, but now it’s in real trouble. She didn’t want to know how to make a business successful. She […]
Separately Managed Accounts – A Terrible Alternative. Here’s Why.
Do you have a separately managed account? If so, you might want to reconsider. What is a separately managed account? This is basically your own private mutual fund. A money manager buys a number of securities that are held in your account. Your money manager makes the decisions as to what securities are held in […]
Emergency Funds – A Certified Financial Planner (R) Professional) Tells You What You Need
When it comes to emergency funds – one size doesn’t fit all. First, remember that emergency funds are for unforeseen expenses. If you are in debt and can’t get out, you don’t have a problem with emergency cash funds; you have a problem with budgeting. And it’s important to have a good balance and to […]
Traditional IRA Contributions – The Rules You Must Know
If you make traditional IRA contributions, there are a few rules and limits you need to know about. (Read IRA FAQ for more information.) This is important. Your IRA is your best way to save for retirement, so let’s get to work. Who can make contributions? If you have earned income (not just passive retirement […]